Author : World Trade Organization Staff
Publisher :
Page : 220 pages
File Size : 30,6 MB
Release : 2000-11
Category :
ISBN : 9780890592687
Book Description
The Trade Policy Review Mechanism (TPRM) is a permanent feature of the World Trade Organisation as set up under the Marrakesh Agreement in January 1995. Under the TPRM, the trade policies of all WTO Members are subject to periodic review. The reviews are conducted by the Trade Policy Review Body (TPRB) on the basis of a policy statement by the Member under review and a comprehensive report drawn up by the WTO Secretariat. This report covers Peru's economic environment, trade policy regime framework and objectives, trade policies and practices by measure and trade policies by sector. The report concludes that, despite external shocks such as El Nino and international financial crisis, Peru has achieved significant growth, sharply reduced inflation and attracted considerable foreign capital. Major factors in this performance have been sound macroeconomic policies, continued liberalisation of Peru's trade and investment regimes, the privatisation process and efforts to develop a reliable regulatory framework. A still relatively modest GDP per capita (some US$2,500 per person), which in real terms is no higher than in the mid 1960s, highlights the need for Peru to achieve higher rates of growth. Eliminating remaining impediments to greater economic efficiency would be of crucial importance in this regard both by enhancing the international competitiveness of Peruvian producers and exporters, and by making Peru more attractive as an investment destination. A fresh round of reforms might include further customs simplification, more even and predictable tariff protection, the elimination of minor remaining local-content or export performance requirements, and greater transparency in support programmes. Current support for certain agricultural activities is out of line with the principle of sectoral neutrality. Pressing forward the privatisation and concession programmes would create new opportunities for private investments and inject greater competition in the domestic market.